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Unaudited Financial Statements |
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for the Year Ended 31st January 2019 |
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North West Powder Coating Services Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31st January 2019 |
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for |
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North West Powder Coating Services Ltd |
North West Powder Coating Services Ltd (Registered number: 07163483) |
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Contents of the Financial Statements |
for the year ended 31st January 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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North West Powder Coating Services Ltd |
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Company Information |
for the year ended 31st January 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
Black Bull House |
353-355 Station Road |
Bamber Bridge |
Preston |
Lancashire |
PR5 6EE |
North West Powder Coating Services Ltd (Registered number: 07163483) |
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Balance Sheet |
31st January 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
North West Powder Coating Services Ltd (Registered number: 07163483) |
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Balance Sheet - continued |
31st January 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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North West Powder Coating Services Ltd (Registered number: 07163483) |
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Notes to the Financial Statements |
for the year ended 31st January 2019 |
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1. | STATUTORY INFORMATION |
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North West Powder Coating Services Ltd is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
North West Powder Coating Services Ltd (Registered number: 07163483) |
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Notes to the Financial Statements - continued |
for the year ended 31st January 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance |
from the director, Mr J P Morgan, that he will continue to give financial support to the company for the twelve |
months from the date of signing these financial accounts. |
On this basis, the Mr J P Morgan considers it appropriate to prepare the accounts on a going concern basis. |
However, should the financial support mentioned above not be forthcoming, the going concern basis used in the |
preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of |
assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not |
include any adjustment to the company's assets or liabilities that might be necessary should this basis not |
continue to be appropriate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st February 2018 |
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Additions |
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At 31st January 2019 |
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DEPRECIATION |
At 1st February 2018 |
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Charge for year |
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At 31st January 2019 |
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NET BOOK VALUE |
At 31st January 2019 |
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At 31st January 2018 |
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North West Powder Coating Services Ltd (Registered number: 07163483) |
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Notes to the Financial Statements - continued |
for the year ended 31st January 2019 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
Additions |
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At 31st January 2019 |
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DEPRECIATION |
Charge for year |
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At 31st January 2019 |
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NET BOOK VALUE |
At 31st January 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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Other creditors |
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North West Powder Coating Services Ltd (Registered number: 07163483) |
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Notes to the Financial Statements - continued |
for the year ended 31st January 2019 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Hire purchase contracts | 8,600 | - |
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9. | RELATED PARTY DISCLOSURES |
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Morgan Bros (Metalwork Solutions) Limited is a related party due to common control. Morgan Bros (Metalwork |
Solutions) Limited has loaned monies to North West Powder Coating Services Limited with a balance |
outstanding at the accounting period end of £2,931 (2018 - £2,931) which is included in other creditors due |
within one year. No interest is charged on outstanding amounts by agreement. |
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Morgan Bros (Metalwork Designs) Limited is a related party due to common control. During the year North |
West Powder Coating Limited received the sum of £25 on behalf of Morgan Bros (Metalwork Designs) Limited. |
The balance outstanding at the year end of £37 (2018 - £12) is included in other creditors due within one year.No |
interest is charged on outstanding amounts by agreement. |
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Gutterguard Limited is a related party due to common control. Gutterguard has loaned monies North West |
Powder Coatings Limited has loaned monies to Gutterguard Limited with a balance outstanding at the accounting |
period end of £11,402 (2018 - £11,402) which is included in other debtors due within one year.No interest is |
charged on outstanding amounts by agreement. |
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The director has loaned monies to the company on which no interest is payable by agreement. The balance |
outstanding at the year end was £559,459 (2018 - £545,983) of which £50,000 (2018 - £5,001) is included in |
creditors falling due within one year and £509,459 (2018 - £540,982) is included within creditors falling due |
after more than one year. |
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The trading premises occupied by the company is part owned by the director, Mr J P Morgan. No rent is charged |
by agreement. |
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10. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Mr J P Morgan. |